Annuity & Life Insurance Solutions | Brighthouse Financial ......Other invested assets 4,734 3,064 2,099 Total investments 96,634 89,937 81,329 Cash and cash equivalents 4,289 3,981

Exhibit 99.1

FOR IMMEDIATE RELEASE

Brighthouse Financial Announces Third Quarter 2019 Results

• Third quarter 2019 net income available to shareholders of $676 million, or $6.06 per diluted share,driven primarily by net derivative mark-to-market gains

• Adjusted earnings, less notable items*, of $260 million, or $2.33 per diluted share

• Annuity sales grew 17 percent over the third quarter of 2018

• Variable annuity assets of approximately $1.5 billion in excess of CTE98*

• Company repurchased approximately $126 million of its common stock during the quarter

CHARLOTTE, NC, November 4, 2019 — Brighthouse Financial, Inc. ("Brighthouse Financial" or the "company")(Nasdaq: BHF) announced today its financial results for the third quarter ended September 30, 2019.

Third Quarter 2019 Results

The company reported net income available to shareholders of $676 million in the third quarter of 2019, or $6.06 perdiluted share, compared with a net loss available to shareholders of $271 million in the third quarter of 2018. Thecompany ended the third quarter of 2019 with common stockholders' equity ("book value") of $17.3 billion, or $158.18per common share, and book value, excluding accumulated other comprehensive income ("AOCI") of $13.7 billion, or$125.53 per common share.

For the third quarter of 2019, the company reported an adjusted loss* of $169 million, or $1.52 per common share.

The adjusted loss for the quarter reflected $429 million after tax of net unfavorable notable items, or $3.85 percommon share, including:

• $442 million unfavorable impact related to the annual actuarial review completed in the third quarter. Inaddition to other updates, the company lowered its long-term mean reversion interest rate assumption from4.25% to 3.75%, with no change to the 10-year mean reversion period.

• $23 million tax benefit due to a revaluation of tax items related to the company's separation from its formerparent company.

• $10 million unfavorable impact as a result of establishment costs related to planned technology andbranding expenses associated with the company's separation from its former parent company.

___________________* Information regarding the non-GAAP and other financial measures included in this news release and a reconciliation of such non-GAAP financial

measures to the most directly comparable GAAP measures are provided in the Non-GAAP and Other Financial Disclosures discussion below, as wellas in the tables that accompany this news release and/or the Third Quarter 2019 Brighthouse Financial, Inc. Financial Supplement and/or the ThirdQuarter 2019 Brighthouse Financial, Inc. Earnings Call Presentation (which are available on the Brighthouse Financial Investor Relations web page athttp://investor.brighthousefinancial.com). Additional information regarding notable items can be found on the last page of this news release.

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Brighthouse Financial, Inc.11225 N. Community House Rd.Charlotte, NC 28277

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Corporate expenses in the third quarter of 2019 were $248 million pre-tax, up from $242 million pre-tax in the second quarter of 2019.

Annuity sales increased 17 percent quarter-over-quarter and decreased 4 percent sequentially.

During the third quarter of 2019, the company repurchased approximately $126 million of its common stock, with anadditional $49 million of its common stock repurchased in October 2019. Since the announcement of the company'sfirst stock repurchase authorization in August 2018, the company has repurchased a total of $468 million of itscommon stock through October 2019.

“We delivered solid results during the third quarter of 2019 as we continued to execute our strategy,” said EricSteigerwalt, president and CEO, Brighthouse Financial. “Our sales remained strong, our hedging program continued toperform well, and we repurchased more of our common stock. Going forward, we remain confident in our strategy,which we believe will enable us to generate long-term value for our shareholders, our distribution partners, and theclients they serve.”

Key Metrics (Unaudited, dollars in millions except share and per share amounts)

As of or For the Three Months Ended

September 30, 2019 September 30, 2018

Total Per share Total Per share

Net income (loss) available to shareholders (1) $676 $6.06 $(271) $(2.26)

Adjusted earnings (1), (2) $(169) $(1.52) $270 $2.23

Adjusted earnings, less notable items (1) $260 $2.33 $314 $2.60

Weighted average common shares outstanding - diluted 111,527,480 N/A 120,641,572 N/A

Book value $17,283 $158.18 $12,884 $108.45

Book value, excluding AOCI $13,716 $125.53 $12,332 $103.80

Ending common shares outstanding 109,264,305 N/A 118,800,611 N/A

(1) Per share amounts are on a diluted basis and may not recalculate due to rounding. For loss periods, dilutive shares were not included in the calculation as inclusion of suchshares would have an anti-dilutive effect.

(2) The company uses the term “adjusted loss” throughout this news release to refer to negative adjusted earnings values.

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Results by Business Segment and Corporate & Other (Unaudited, in millions)For the Three Months Ended

ADJUSTED EARNINGS September 30,2019

June 30,2019

September 30,2018

Annuities $203 $265 $401

Life $73 $58 $61

Run-off $(426) $2 $(105)

Corporate & Other $(19) $(71) $(87)

Sales (Unaudited, in millions)For the Three Months Ended

September 30,2019

June 30,2019

September 30,2018

Annuities (1) $1,808 $1,890 $1,541

Life $2 $1 $2

(1) Annuities sales include sales of a fixed indexed annuity product sold by Massachusetts Mutual Life Insurance Company, representing 90% of gross sales of that product.Sales of this product were $296 million for the third quarter of 2019, $291 million for the second quarter of 2019, and $302 million for the third quarter of 2018.

Annuities

Adjusted earnings in the Annuities segment were $203 million in the current quarter, compared with adjustedearnings of $401 million in the third quarter of 2018 and adjusted earnings of $265 million in the second quarter of2019.

The current quarter included a $30 million unfavorable notable item and the third quarter of 2018 included a $154million favorable notable item, both related to the annual actuarial review completed in the respective quarters. Therewere no notable items in the second quarter of 2019.

On a quarter-over-quarter basis, adjusted earnings, less notable items, reflect lower fees, higher deferred acquisitioncosts ("DAC") amortization, higher expenses and higher taxes, partially offset by higher net investment income. On asequential basis, adjusted earnings, less notable items, reflect higher DAC amortization and reserves, as well as lowernet investment income and higher taxes, partially offset by higher fees.

As mentioned above, annuity sales increased 17 percent quarter-over-quarter and decreased 4 percent sequentially.

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Life

Adjusted earnings in the Life segment were $73 million in the current quarter, compared with adjusted earnings of$61 million in the third quarter of 2018 and adjusted earnings of $58 million in the second quarter of 2019.

The current quarter included a $19 million favorable notable item and the third quarter of 2018 included an $11million favorable notable item, both related to the annual actuarial review completed in the respective quarters. Therewere no notable items in the second quarter of 2019.

On a quarter-over-quarter basis, adjusted earnings, less notable items, reflect lower expenses, partially offset byhigher claims. On a sequential basis, adjusted earnings, less notable items, reflect higher expenses.

Run-off

The Run-off segment had an adjusted loss of $426 million in the current quarter, compared with an adjusted loss of$105 million in the third quarter of 2018 and adjusted earnings of $2 million in the second quarter of 2019.

The current quarter included a $431 million unfavorable notable item related to the annual actuarial review completedin the third quarter. The third quarter of 2018 included $140 million of unfavorable notable items primarily related toreinsurance recaptures and the second quarter of 2019 included a $12 million unfavorable reinsurance notable item.

On a quarter-over-quarter basis, adjusted earnings, less notable items, reflect higher claims, partially offset by lowertaxes. On a sequential basis, adjusted earnings, less notable items, reflect lower net investment income and higherreserves, partially offset by lower taxes.

Corporate & Other

Corporate & Other had an adjusted loss of $19 million in the current quarter, compared with an adjusted loss of$87 million in the third quarter of 2018 and an adjusted loss of $71 million in the second quarter of 2019.

The current quarter includes $13 million of net favorable notable items, including a separation-related tax benefit,partially offset by establishment costs, as described above. The third quarter of 2018 included a $69 millionunfavorable notable item and the second quarter of 2019 included a $30 million unfavorable notable item, bothrelated to establishment costs.

On a quarter-over-quarter basis, the adjusted loss, less notable items, reflects higher interest on debt and higherexpenses. On a sequential basis, the adjusted loss, less notable items, reflects lower taxes, partially offset by higherexpenses.

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Net Investment Income and Adjusted Net Investment Income (Unaudited, in millions)For the Three Months Ended

September 30,2019

June 30,2019

September 30,2018

Net investment income $928 $942 $853

Adjusted net investment income* $928 $942 $852

Net Investment Income

Net investment income and adjusted net investment income for the third quarter of 2019 were both $928 million. Ona quarter-over-quarter basis, adjusted net investment income increased $76 million and on a sequential basisdecreased $14 million. The quarter-over-quarter results were primarily driven by asset growth and repositioning of theinvestment portfolio, as well as by lower investment expenses. On a sequential basis, the results were primarily drivenby lower alternative investment income and prepayments, partially offset by asset growth.

The net investment income yield was 4.52 percent during the quarter.

Statutory Capital and Liquidity (Unaudited, in billions)As of

September 30, 2019 (1)

June 30,2019

September 30,2018

Statutory combined total adjusted capital $8.4 $6.9 $6.0

(1) Reflects preliminary statutory results as of September 30, 2019.

Capitalization

At September 30, 2019:

• Holding company liquid assets were approximately $0.8 billion

• Statutory combined total adjusted capital on a preliminary basis increased to approximately $8.4 billion,driven primarily by net derivative mark-to-market gains

• Variable annuity assets were approximately $1.5 billion above the CTE98 level

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Earnings Conference Call

Brighthouse Financial will hold a conference call and audio webcast to discuss its financial results for the thirdquarter of 2019 at 8:00 a.m. Eastern Time on Tuesday, November 5, 2019.

To listen to the audio webcast via the internet and to access the related presentation, please visit the BrighthouseFinancial Investor Relations web page at http://investor.brighthousefinancial.com. To join the conference call viatelephone, please dial (844) 358-9117 (+1 (209) 905-5952 from outside the U.S.) and use conference ID 6378668.

A replay of the conference call will be made available until Friday, November 22, 2019, on the Brighthouse FinancialInvestor Relations web page at http://investor.brighthousefinancial.com.

About Brighthouse Financial, Inc.

Brighthouse Financial, Inc. (Brighthouse Financial) (Nasdaq: BHF) is on a mission to help people achieve financialsecurity. As one of the largest providers of annuities and life insurance in the U.S., we specialize in products designedto help people protect what they've earned and ensure it lasts. Learn more at brighthousefinancial.com.

CONTACT

FOR INVESTORSDavid Rosenbaum(980) [email protected]

FOR MEDIADeon Roberts(980) [email protected]

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Note Regarding Forward-Looking Statements

This news release and other oral or written statements that we make from time to time may contain informationthat includes or is based upon forward-looking statements within the meaning of the Private Securities LitigationReform Act of 1995. Such forward-looking statements involve substantial risks and uncertainties. We have tried,wherever possible, to identify such statements using words such as "anticipate," "estimate," "expect," "project," "may,""will," "could," "intend," "goal," "target," "guidance," "forecast," "preliminary," "objective," "continue," "aim," "plan,""believe" and other words and terms of similar meaning, or that are tied to future periods, in connection with adiscussion of future operating or financial performance. In particular, these include, without limitation, statementsrelating to future actions, prospective services or products, future performance or results of current and anticipatedservices or products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, trends inoperating and financial results, as well as statements regarding the expected benefits of the separation (the"Separation") from MetLife, Inc. ("MetLife").

Any or all forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptionsor by known or unknown risks and uncertainties. Many such factors will be important in determining the actual futureresults of Brighthouse Financial. These statements are based on current expectations and the current economicenvironment and involve a number of risks and uncertainties that are difficult to predict. These statements are notguarantees of future performance. Actual results could differ materially from those expressed or implied in theforward-looking statements due to a variety of known and unknown risks, uncertainties and other factors. Although itis not possible to identify all of these risks and factors, they include, among others: differences between actualexperience and actuarial assumptions and the effectiveness of our actuarial models; higher risk management costsand exposure to increased market and counterparty risk due to guarantees within certain of our products; theeffectiveness of our variable annuity exposure management strategy and the impact of such strategy on net incomevolatility and negative effects on our statutory capital; the reserves we are required to hold against our variableannuities as a result of actuarial guidelines; a sustained period of low equity market prices and interest rates that arelower than those we assumed when we issued our variable annuity products; the potential material adverse effect ofchanges in accounting standards, practices and/or policies applicable to us, including changes in the accounting forlong-duration contracts; our degree of leverage due to indebtedness; the effect adverse capital and credit marketconditions may have on our ability to meet liquidity needs and our access to capital; the impact of changes inregulation and in supervisory and enforcement policies on our insurance business or other operations; theeffectiveness of our risk management policies and procedures; the availability of reinsurance and the ability of ourcounterparties to our reinsurance or indemnification arrangements to perform their obligations thereunder;heightened competition, including with respect to service, product features, scale, price, actual or perceived financialstrength, claims-paying ratings, credit ratings, e-business capabilities and name recognition; the ability of ourinsurance subsidiaries to pay dividends to us, and our ability to pay dividends to our shareholders; our ability tomarket and distribute our products through distribution channels; any failure of third parties to provide services weneed, any failure of the practices and procedures of these third parties and any inability to obtain information orassistance we need from third parties, including MetLife; whether all or any portion of the tax consequences of theSeparation are not as expected, leading to material additional taxes or material adverse consequences to taxattributes that impact us; the uncertainty of the outcome of any disputes with MetLife over tax-related or othermatters and agreements, including the potential of outcomes adverse to us that could cause us to owe MetLifematerial tax reimbursements or payments, or disagreements regarding MetLife's or our obligations under our otheragreements; the impact on our business structure, profitability, cost of capital and flexibility due to restrictions wehave agreed to that preserve the tax-free treatment of certain parts of the Separation; the potential material negativetax impact of potential future tax legislation that could decrease the value of our tax attributes and cause other cash

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expenses, such as reserves, to increase materially and make some of our products less attractive to consumers;whether the Separation will qualify for non-recognition treatment for federal income tax purposes and potentialindemnification to MetLife if the Separation does not so qualify; the impact of the Separation on our business andprofitability due to MetLife’s strong brand and reputation, the increased costs related to replacing arrangements withMetLife with those of third parties and incremental costs as a public company; whether the operational, strategic andother benefits of the Separation can be achieved, and our ability to implement our business strategy; our ability toattract and retain key personnel; and other factors described from time to time in documents that we file with the U.S.Securities and Exchange Commission (the "SEC").

For the reasons described above, we caution you against relying on any forward-looking statements, whichshould also be read in conjunction with the other cautionary statements included and the risks, uncertainties andother factors identified in our Annual Report on Form 10-K for the year ended December 31, 2018 and our subsequentQuarterly Reports on Form 10-Q, particularly in the sections entitled "Risk Factors" and "Quantitative and QualitativeDisclosures About Market Risk," as well as in our other subsequent filings with the SEC. Further, any forward-lookingstatement speaks only as of the date on which it is made, and we undertake no obligation to update or revise anyforward-looking statement to reflect events or circumstances after the date on which the statement is made or toreflect the occurrence of unanticipated events, except as otherwise may be required by law.

Non-GAAP and Other Financial Disclosures

Our definitions of the non-GAAP and other financial measures may differ from those used by other companies.

Non-GAAP Financial Disclosures

We present certain measures of our performance that are not calculated in accordance with accountingprinciples generally accepted in the United States of America, also known as "GAAP." We believe that these non-GAAPfinancial measures highlight our results of operations and the underlying profitability drivers of our business, as wellas enhance the understanding of our performance by the investor community.

The following non-GAAP financial measures, previously referred to as operating measures, should not be viewedas substitutes for the most directly comparable financial measures calculated in accordance with GAAP:

Non-GAAP financial measures: Most directly comparable GAAP financial measures:adjusted earnings net income (loss) available to shareholders (1)adjusted earnings, less notable items net income (loss) available to shareholders (1)adjusted revenues revenuesadjusted expenses expensesadjusted earnings per common share earnings per common share, diluted (1)adjusted earnings per common share, less notable items earnings per common share, diluted (1)adjusted return on common equity return on common equity (2)adjusted return on common equity, less notable items return on common equity (2)adjusted net investment income net investment income__________________

(1) Brighthouse uses net income (loss) available to shareholders to refer to net income (loss) available to Brighthouse Financial, Inc.'s common shareholders, and earnings per common share, diluted to refer to net income (loss) available to shareholders per common share.

(2) Brighthouse uses return on common equity to refer to return on Brighthouse Financial, Inc.'s common stockholders' equity.

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Reconciliations to the most directly comparable historical GAAP measures are included for those measureswhich are presented herein. Reconciliations of these non-GAAP financial measures to the most directly comparableGAAP financial measures are not accessible on a forward-looking basis because we believe it is not possible withoutunreasonable efforts to provide other than a range of net investment gains and losses and net derivative gains andlosses, which can fluctuate significantly within or outside the range and from period to period and may have amaterial impact on net income (loss) available to shareholders.

Adjusted Earnings, Adjusted Revenues and Adjusted Expenses

Adjusted earnings, which may be positive or negative, is used by management to evaluate performance, allocateresources and facilitate comparisons to industry results. This financial measure focuses on our primary businessesprincipally by excluding the impact of market volatility, which could distort trends.

Adjusted earnings reflects adjusted revenues less adjusted expenses, both net of income tax, and excludes netincome (loss) attributable to noncontrolling interests and preferred stock dividends. Provided below are theadjustments to GAAP revenues and GAAP expenses used to calculate adjusted revenues and adjusted expenses,respectively.

The following are significant items excluded from total revenues, net of income tax, in calculating the adjustedrevenues component of adjusted earnings:

• Net investment gains (losses);

• Net derivative gains (losses) ("NDGL"), except earned income on derivatives that are hedges of investmentsor that are used to replicate certain investments, but do not qualify for hedge accounting treatment("Investment Hedge Adjustments"); and

• Certain variable annuity GMIB fees ("GMIB Fees") and amortization of unearned revenue related to netinvestment gains (losses) and net derivative gains (losses).

The following are significant items excluded from total expenses, net of income tax, in calculating the adjustedexpenses component of adjusted earnings:

• Amounts associated with benefits related to GMIBs ("GMIB Costs");

• Amounts associated with periodic crediting rate adjustments based on the total return of a contractuallyreferenced pool of assets and market value adjustments associated with surrenders or terminations ofcontracts ("Market Value Adjustments"); and

• Amortization of DAC and value of business acquired ("VOBA") related to (i) net investment gains (losses), (ii)net derivative gains (losses), (iii) GMIB Fees and GMIB Costs and (iv) Market Value Adjustments.

The tax impact of the adjustments mentioned is calculated net of the statutory tax rate, which could differ fromour effective tax rate.

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Consistent with GAAP guidance for segment reporting, adjusted earnings is also our GAAP measure of segmentperformance.

Adjusted Earnings per Common Share and Adjusted Return on Common Equity

Adjusted earnings per common share and adjusted return on common equity are measures used bymanagement to evaluate the execution of our business strategy and align such strategy with our shareholders'interests.

Adjusted earnings per common share is defined as adjusted earnings for the period divided by the weightedaverage number of fully diluted shares of common stock outstanding for the period.

Adjusted return on common equity is defined as total annual adjusted earnings on a four quarter trailing basis,divided by the simple average of the most recent five quarters of total Brighthouse Financial, Inc.'s commonstockholders' equity, excluding AOCI.

Adjusted Net Investment Income

We present adjusted net investment income to measure our performance for management purposes, and webelieve it enhances the understanding of our investment portfolio results. Adjusted net investment income representsnet investment income including investment hedge adjustments.

Other Financial Disclosures

Corporate Expenses

Corporate expenses includes functional department expenses, public company expenses, certain investmentexpenses, retirement funding and incentive compensation; and excludes establishment costs.

Notable items

Certain of the non-GAAP measures described above may be presented further adjusted to exclude notable items.Notable items reflect the impact on our results of certain unanticipated items and events, as well as certain items andevents that were anticipated, such as establishment costs. The presentation of notable items and non-GAAPmeasures, less notable items is intended to help investors better understand our results and to evaluate and forecastthose results.

Book Value per Common Share and Book Value per Common Share, excluding AOCI

Brighthouse uses the term "book value" to refer to "Brighthouse Financial, Inc.'s common stockholders' equity,including AOCI." Book value per common share is defined as ending Brighthouse Financial, Inc.'s commonstockholders' equity, including AOCI, divided by ending common shares outstanding. Book value per common share,excluding AOCI, is defined as ending Brighthouse Financial, Inc.'s common stockholders' equity, excluding AOCI,divided by ending common shares outstanding.

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CTE95

CTE95 is defined as the amount of assets required to satisfy contract holder obligations across marketenvironments in the average of the worst five percent of a set of capital market scenarios over the life of thecontracts.

CTE98

CTE98 is defined as the amount of assets required to satisfy contract holder obligations across marketenvironments in the average of the worst two percent of a set of capital market scenarios over the life of thecontracts.

Holding Company Liquid Assets

Holding company liquid assets include liquid assets in Brighthouse Financial, Inc., Brighthouse Holdings, LLC,and Brighthouse Services, LLC. Liquid assets include cash and cash equivalents, short-term investments and publiclytraded securities excluding assets that are pledged or otherwise committed. Assets pledged or otherwise committedinclude amounts received in connection with derivatives and collateral financing arrangements.

Sales

Statistical sales information for life sales is calculated using the LIMRA definition of sales for core direct sales,excluding company-sponsored internal exchanges, corporate-owned life insurance, bank-owned life insurance, andprivate placement variable universal life insurance. Annuity sales consist of 100 percent of direct statutory premiums,except for fixed indexed annuity sales distributed through MassMutual that consist of 90 percent of grosssales. Annuity sales exclude company sponsored internal exchanges. These sales statistics do not correspond torevenues under GAAP, but are used as relevant measures of business activity.

Net Investment Income Yield

Similar to adjusted net investment income, we present net investment income yields as a performance measurewe believe enhances the understanding of our investment portfolio results. Net investment income yields arecalculated on adjusted net investment income as a percent of average quarterly asset carrying values. Asset carryingvalues exclude unrealized gains (losses), collateral received in connection with our securities lending program,freestanding derivative assets and collateral received from derivative counterparties. Investment fee and expenseyields are calculated as investment fees and expenses as a percent of average quarterly asset estimated fair values.Asset estimated fair values exclude collateral received in connection with our securities lending program,freestanding derivative assets and collateral received from derivative counterparties.

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Adjusted Statutory Earnings

Adjusted statutory earnings is a measure of our insurance companies' ability to pay future distributions and arereflective of whether our hedging program functions as intended. Adjusted statutory earnings is calculated asstatutory pre-tax income less the change in the variable annuities reserve methodology (Actuarial Guideline 43) whileincluding the change in both the reserve and capital methodology based CTE95 calculation, as well as unrealizedgains (losses) associated with the variable annuities risk management strategy. Adjusted statutory earnings may befurther adjusted for certain unanticipated items that impacted our results in order to help management and investorsbetter understand, evaluate and forecast those results.

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Condensed Statements of Operations (Unaudited, in millions)

For the Three Months Ended

Revenues September 30,2019

June 30,2019

September 30,2018

Premiums $214 $232 $225

Universal life and investment-type product policy fees 867 888 972

Net investment income 928 942 853

Other revenues 94 96 105

Revenues before NIGL and NDGL 2,103 2,158 2,155

Net investment gains (losses) 27 63 (42)

Net derivative gains (losses) 1,057 149 (691)

Total revenues $3,187 $2,370 $1,422

Expenses

Interest credited to policyholder account balances $272 $265 $273

Policyholder benefits and claims 1,319 845 822

Amortization of DAC and VOBA 181 170 30

Interest expense on debt 49 48 40

Other expenses 562 573 625

Total expenses 2,383 1,901 1,790

Income (loss) before provision for income tax 804 469 (368)

Provision for income tax expense (benefit) 119 85 (99)

Net income (loss) 685 384 (269)

Less: Net income (loss) attributable to noncontrolling interests 2 — 2

Net income (loss) attributable to Brighthouse Financial, Inc. 683 384 (271)

Less: Preferred stock dividends 7 7 —

Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders $676 $377 $(271)

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Condensed Balance Sheets (Unaudited, in millions)As of

ASSETSSeptember 30,

2019June 30,

2019September 30,

2018Investments:

Fixed maturity securities available-for-sale $70,723 $67,211 $62,279Equity securities 148 153 150Mortgage loans, net 15,359 15,078 13,033Policy loans 1,332 1,342 1,443Real estate limited partnerships and limited liability companies 458 462 444Other limited partnership interests 1,895 1,834 1,765Short-term investments 1,985 793 116Other invested assets 4,734 3,064 2,099

Total investments 96,634 89,937 81,329Cash and cash equivalents 4,289 3,981 2,144Accrued investment income 732 747 675Reinsurance recoverables 13,412 13,366 12,683Premiums and other receivables 973 865 868DAC and VOBA 5,317 5,492 6,050Current income tax recoverable 14 — 878Other assets 577 610 583Separate account assets 103,928 106,214 111,736

Total assets $225,876 $221,212 $216,946LIABILITIES AND EQUITYLiabilitiesFuture policy benefits $39,846 $38,280 $35,748Policyholder account balances 44,919 42,941 39,446Other policy-related balances 3,079 3,041 2,907Payables for collateral under securities loaned and other transactions 5,291 4,094 4,043Long-term debt 4,365 4,365 3,966Current income tax payable — 14 —Deferred income tax liability 1,749 1,364 576Other liabilities 4,939 4,558 5,575Separate account liabilities 103,928 106,214 111,736

Total liabilities 208,116 204,871 203,997EquityPreferred Stock, at par value — — —Common stock, at par value 1 1 1Additional paid-in capital 12,897 12,893 12,469Retained earnings (deficit) 1,662 986 (96)Treasury stock (432) (306) (42)Accumulated other comprehensive income (loss) 3,567 2,702 552

Total Brighthouse Financial, Inc.’s stockholders’ equity 17,695 16,276 12,884Noncontrolling interests 65 65 65

Total equity 17,760 16,341 12,949Total liabilities and equity $225,876 $221,212 $216,946

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Reconciliation of Net Income (Loss) Available to Shareholders to Adjusted Earnings and Adjusted Earnings, LessNotable Items, and Reconciliation of Net Income (Loss) Available to Shareholders per Common Share to AdjustedEarnings per Common Share and Adjusted Earnings, Less Notable Items per Common Share (Unaudited, in millionsexcept per share data)


ADJUSTED EARNINGS, LESS NOTABLE ITEMS September 30,2019

June 30,2019

September 30,2018

Net income (loss) available to shareholders $676 $377 $(271)

Adjustments from net income (loss) available to shareholders to adjusted earnings:

Less: Net investment gains (losses) 27 63 (42)

Less: Net derivative gains (losses), excluding investment hedge adjustments 1,057 149 (693)

Less: GMIB Fees and GMIB Costs (4) (22) 28

Less: Amortization of DAC and VOBA 2 (17) 22

Less: Market value adjustments (14) (16) 7

Less: Other — — (4)

Less: Provision for income tax (expense) benefit on reconciling adjustments (223) (34) 141

Adjusted earnings (169) 254 270

Less: Notable items (429) (42) (44)

Adjusted earnings, less notable items $260 $296 $314

ADJUSTED EARNINGS, LESS NOTABLE ITEMS PER COMMON SHARE (1)

Net income (loss) available to shareholders per common share $6.06 $3.27 $(2.26)

Less: Net investment gains (losses) 0.24 0.55 (0.35)

Less: Net derivative gains (losses), excluding investment hedge adjustments 9.48 1.29 (5.79)

Less: GMIB Fees and GMIB Costs (0.04) (0.19) 0.24

Less: Amortization of DAC and VOBA 0.02 (0.15) 0.18

Less: Market value adjustments (0.13) (0.14) 0.06

Less: Other — — (0.03)

Less: Provision for income tax (expense) benefit on reconciling adjustments (2.00) (0.29) 1.18

Less: Impact of inclusion of dilutive shares — — 0.02

Adjusted earnings per common share (1.52) 2.19 2.23

Less: Notable items (3.85) (0.36) (0.36)

Adjusted earnings, less notable items per common share $2.33 $2.56 $2.60

(1) Per share calculations are on a diluted basis and may not recalculate or foot due to rounding. For loss periods, dilutive shares were not included in the calculation as inclusion of such shares would have an anti-dilutive effect.

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Reconciliation of Net Investment Income to Adjusted Net Investment Income (Unaudited, in millions)


September 30,2019

June 30,2019

September 30,2018

Net investment income $928 $942 $853

Less: Investment hedge adjustments — — (2)

Less: Other incremental net investment income — — 3

Adjusted net investment income $928 $942 $852

Notable Items (Unaudited, in millions)

For the Three Months EndedFor the Nine

Months Ended

NOTABLE ITEMS IMPACTING ADJUSTED EARNINGS September 30,2019

June 30,2019

September 30,2018

September 30,2019

Actuarial items and other insurance adjustments $442 $12 $(25) $454

Establishment costs 10 30 69 67

Separation-related transactions (23) — —

Total notable items (1) $429 $42 $44 $498

NOTABLE ITEMS BY SEGMENT AND CORPORATE & OTHER

Annuities $30 $— $(154) $30

Life (19) — (11) (19)

Run-off 431 12 140 443

Corporate & Other (13) 30 69 44

Total notable items (1) $429 $42 $44 $498

(1) Notable items reflect the negative (positive) after-tax impact to adjusted earnings of certain unanticipated items and events, as well as certain items and events that wereanticipated, such as establishment costs. The presentation of notable items is intended to help investors better understand our results and to evaluate and forecast thoseresults.

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Annuity & Life Insurance Solutions | Brighthouse Financial ......Other invested assets 4,734 3,064 2,099 Total investments 96,634 89,937 81,329 Cash and cash equivalents 4,289 3,981